Under a proposal by Chancellor of the Exchequer George Osborne, the National Audit Office will work closer with the Bank of England to provide “transparency and accountability” to the central bank, reports Bloomberg Business.
In a consultation paper, Osborne highlighted a few initiatives that will be put in place to restructure and enhance Britain’s regulatory structure. Among his plans, the Prudential Regulation Authority (PRA) will become a crucial part of the bank’s system and will no longer be seen as a subsidiary with its own board.
